Australian-founded, Hong Kong-owned denim label Jeanswest is the latest retailer to enter voluntary administration, with the future of its 146 stores uncertain.
Key points:
- Jeanswest opened its first store in Perth in 1972 and is now owned by a private Hong Kong firm
- Only the Jeanswest operations in Australia are affected, with stores overseas operated by a listed Hong Kong company
- 988 Jeanswest staff face an uncertain future as administrators consider a restructure or sale of its 146 stores
The company employs 988 staff in stores across all states and territories — including 40 stores in New South Wales, 32 stores in Victoria, 28 in Queensland and 23 in Western Australia.
Administrators from KPMG have been appointed and say Jeanswest will continue to operate as they consider “all options for the restructure or sale” of the business.
“Like many other retailers, the business has been challenged by current tough market conditions and pressure from online competition,” said James Stewart from KPMG.
Jeanswest opened its first store in Perth in 1972 and expanded to the east coast during the 1980s, before being bought by Hong Kong firm Glorious Sun in 1994.
The Jeanswest brand expanded overseas, into countries including China, Hong Kong,…